Petrol and diesel prices are likely to decline in the next few days. The news is that the Modi government is going to release about 50 barrels of crude oil from the strategic reserves so that petrol-diesel prices can be brought down. Other countries, such as Japan, the United States, and Japan, are taking similar steps.
Petrol in Punjab is currently around Rs 95 per liter, while diesel is around Rs 84 per liter. With refineries getting crude oil domestically, prices will soon fall further.
India has about 38 million barrels of crude oil reserves. Of this, about 5 million barrels of oil will be released to Mangalore refinery and Hindustan Petroleum in 7 to 10 days, an official said. He said that further release of oil could be considered later.
The world is grappling with rising fuel prices. Meanwhile, amid the continuing rise in international crude oil prices, India, along with other major economies, plans to pull out of its emergency oil reserves. Not only India but countries around the world are considering lowering fuel prices. Apart from India, 29 member countries of the International Energy Agency (IEA) have strategic oil reserves. These include the United States, the United Kingdom, Germany, Japan, China, and Australia. Withdrawal of oil from their respective oil reserves by these countries will reduce the demand for crude oil in the international market which will lead to lower prices.
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